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China Evergrande's EV arm warns of bigger loss for first half
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China Evergrande's EV arm warns of bigger loss for first half
Aug 29, 2024 4:12 AM

(Reuters) - China Evergrande New Energy Vehicle ( EVGRF ), the electric vehicle unit of troubled property giant China Evergrande ( EGRNF ), said on Tuesday it expects to report a bigger loss for the first half of fiscal 2024.

The company estimated a consolidated net loss of about 20.25 billion yuan ($2.84 billion) for the six months ended June 30, compared with 6.87 billion yuan in the same period a year earlier.

($1 = 7.1237 Chinese yuan renminbi)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Sriraj Kalluvila)

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